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Office of the Governor In addition, tenants in affordable units should be required to recertify their income on a regular basis. The MFTE program provides a tax exemption on new multifamily buildings in exchange for setting aside 20% of the homes as income- and rent-restricted. Please contact our Leasing Office to learn more about income qualifications, application process and apartment availability. MFTE Program Apartments in Seattle | Equinox Apartments $1,450 1br - 611ft2 - (South Seattle, Beacon Hill, Martin Luther King Way) $2,195. Learn more ways to build your financial confidence and get closer to reaching your financial goals with Financial Literacy Month events and resources offered by The Whole U and its partners. Seattles Office of Housing website includes full details about the program, including answers to frequently asked questions about MFTE, but the team at Bridges @ 11th shared some MFTE highlights to help you determine if the program may be right for you and walk you through the typical MFTE process. 2021-23 creating a City Multifamily Property Tax Exemption (MFTE) program.. Retail Sales and Use Tax. To qualify for MFTE, you will need to verify that your household income falls within income eligibility limits which currently range from 40% - 90% of Seattle's area median income (AMI). Yes and No. 60% AMI 1-bedroom. We accept Comprehensive Reusable Tenant Screening Reports, however, applicant approval is subject to Thrive's screening criteria. endobj Once complete, the property will certify the income of the household to determine program eligibility. Amenities. MFTE applicants can have a maximum income of $49,400 for a single household, or $56,450 a two-person household. These maximums are expressed as percentages of the area median income. Preferred Qualifications. Employment Security, /*MFTE & Affordable Housing Apartment Homes in Seattle Subscribe to receive emails or SMS/text messages from Commerce or to access subscriber preferences. 34,885 new units of housing were created, 21% of which were designated as affordable. Seattle MFTE Program - 3"" Commerce will use this work to answer frequently asked questions, support community planning, and support implementation and operating of MFTE programs throughout the state. By supporting mixed-income residential development in the urban centers, the MFTE program ensures affordabilty as the community grows. If approved, your income-qualified rent will be capped at a maximum amount for the length of your lease term. Login. To access the information, click on the link to the recording. In Seattle, for example, these households often seek out MFTE properties and apply for available units before they can be advertised. These homes are available to low to moderate income households, with specific income requirements dependent on the size of the household .